Why would I want a 100% Finance Home Purchase Loan?
This loan is helpful for first time homebuyers.
What can I use a 100% Finance Home Purchase Loan for, and what are my options
The 100% Finance Home Purchase Loan can be used to purchase owner occupied residences. Lenders offer this program in a variety of terms and payment plans (ex. adjustable rate, fixed rate, interest only, etc.). Some alternatives to the 100% Finance Home Purchase Loan are the 103% Finance Home Purchase Loan and the 107% Finance Home Purchase Loan.
Why should I get a 100% Finance Home Purchase Loan?
The 100% Finance Home Purchase Loan is great because it does exactly what it sounds like it will do; it finances your entire home purchase. This home loan is excellent for first time homebuyers because it makes the transition from paying rent to paying mortgage bills easier. The only extra fees you would have to pay with this loan are closing costs; many times lenders do not require a down payment for this loan. Although closing costs are considerably higher than first and last would be if you were signing a new lease, the financial benefits you will reap as your build equity and add a new write off to your income tax return will make it worth it. Also, many times you can negotiate with the seller and he/she will pay the closing fees.
How can I get a 100% Finance Home Purchase Loan
We would be happy to help you become a homeowner. Click here to find out more.
How can my FICO/ Credit Score affect my mortgage rate
Credit Scores are always important in determining mortgage rates, but lenders are especially particular about credit when offering borrowers the 100% Finance Home Purchase Loan. You can get a free online credit report, but first, see where you fit on the credit scale:
- You have had only late payment reported to the credit bureau within the last seven years, and none within the last year.
- You have note been reported to a collection agency within the last ten years.
- You have established a credit history with auto loans, mortgages, and/or credit cards.
- None of your payments were more than thirty days late.
- You have not missed a single payment in the last twelve months, but may have missed a few over the past seven years.
- You are over eighteen years old and have no credit history.
- You have had been reported to a collection agency within the last ten years.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.